How Diversity Increases Profitability
A report by the Boston Consulting Group, or BCG, showed diversity can help with an organization's bottom line.
The study looked at 1,700 different businesses in eight different countries in varying sectors and sizes of businesses. The study revealed that "growing executive team diversity leads to more and more creativity and enhanced financial results."
They also found that there is a direct impact on the bottom line that arises from diversity.
Why? Because creativity and diverse perspectives are valuable.
The study showed that businesses with more diverse management teams had 19% higher sales.
This result is enormous for tech firms, start-ups and any organization where the secret to growth is creativity.
It shows that diversity is not only a metric to be found, but is in reality an integral part of a good income. It shows diversity is a measure to aspire to and an integral part of a successful business generating revenue.
The study found that instead of concentrating on a single area of diversity, there is more benefit in building organizations and teams that have several kinds of diversity.
Additionally, the study suggests the initiatives arise from the vision of the executive leadership combined with policies such as fair pay, a culture of transparency and inclusiveness.
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